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Portland Real Estate Update By Rob Levy

Corrected: - Portland Real Estate Update April '15

I apologize fore the resend.  For some reason my newsletter sent out November data, this is corrected to the most recent.

Real estate activity picked up this March in the Portland metro area, and closing sales led the way. The 2,457 closings represented a 32.3% increase over the 1,857 closings that were posted in March 2014, and a  49.1% increase from last month’s  1,648 closings. The last March when closings numbered more was in 2007, when there were 2,775 closings for the month.  Pending sales (3,384) similarly outpaced last March (2,534) and February of this year (2,534) by 33.5%. The last March when the number of accepted offers was as high was in 2006, when 3,399 offers were accepted.

New listings (3,596) rose 16.4% over the 3,090 new listings offered in March 2014, and 24.7% over the 2,884 new listings offered just last month.  Inventory in March was at 1.9 months—the last time inventory was as low was in September 2005.  There are currently 4,767 active residential listings for sale in the Portland metro area.  Total market time decreased in March to 75 days.

Comparing the average price of homes over the last twelve months ($334,600) with the average price of homes sold in the twelve months ending March 2014 ($316,300) shows an increase of 5.8%. In the same comparison, the median has increased 7.1% from $270,000 to $289,100. Information courtesy RMLS.  Indications are a lot of the market is being driven by renters purchasing homes, and those sellers buying the next home and so on.  Many younger buyers have been kept out of the market due to finances and are now buying.  Projections are nationally 5.2 million renters plan to buy a home in the net year.

Our home of the month is a great three level tradtional style home at the top of the hill in Happy Valley.  This home is only two years old and is light, bright and in a great location.  You can view the home and a virtual tour by clicking here

Can I Overprice My House?

Some sellers are asking me in this strong sellers market if they can price their home higher than it should be, and higher than comparables dictate.  The answer is always yes, but with a price to pay.   The problem is we as Realtors have to sell your house twice - to the buyers, and then to the bank appraiser.  Most buyers these days are somewhat cautious given the last few years, and online tools are better than ever at showing them what a house "should" be priced at.   There are also inherent dangers in overpricing, the attached chart shows the impact of price on visibility of the house.  So if you are about to put your house on the market, you need to price it right where it "should" be.

Portland Area Now 2.35 Million Residents

The latest numbers are out from Metro Region and the Portland area is now 2.35 million residents, with newcomers leading the way.  The region was the 15th fastest growing out of the 50 largest US metropolitan areas, and since 2010 almost 117,000 people have moved to the area.  You can view the entire article here.